Escheats

As a result of the passage of this bill, $134,729.90 has been realized by the Escheats Fund (see Exhibit B, Appendix).

The History of Escheats Blackwell Pierce 1955

Even more unpopular than the Escheats Act of 1789, but closely related to it, was another grant made by the Assembly to the University.

The History of Escheats Blackwell Pierce 1955

Due primarily to the initiative of Mr. Little and Mr. Cate, this source too would yield revenue to the Escheats Fund, as we shall see later.

The History of Escheats Blackwell Pierce 1955

Mr. Cate, therefore, as Escheats Officer, was able, through the sale of Scott's estate, to collect $77,238.66 for the University of North Carolina.

The History of Escheats Blackwell Pierce 1955

As a result, the Escheats Law was doomed largely on account of the unpopularity of the Confiscation Act. Three bills, brought before the General Assembly in 1799 and 1800, expressed this rising tide of hostility to the University.

The History of Escheats Blackwell Pierce 1955

This solution was based on the fact that the Attorney General had ruled that the Escheats Fund, since consolidation, was for the benefit of the entire University in its three component parts, except that the Fund prior to that time was the property of the Chapel Hill unit.

The History of Escheats Blackwell Pierce 1955

In January, 1946, Mr. Andrews, after consultation with Mr. Cate, came forth with a practical solution for handling the Escheats Fund.

The History of Escheats Blackwell Pierce 1955

Among many others, President Swain was "greatly gratified by the restoration of Escheats and derelict property to the University" and felt that the number of escheators should be increased so that at least there would be one "in every populous and wealthy county."

The History of Escheats Blackwell Pierce 1955

Still another possible source of income for the Escheats Fund were unredeemed race track tickets.

The History of Escheats Blackwell Pierce 1955

Commenting on this Act, Mr. Little wrote Mr. Cate July 16, 1953, that "the above chapter attempts to render the Cotton Co-ops and the Tobacco Co-ops immune from our Escheats Law, which in my opinion raises a constitutional question."

The History of Escheats Blackwell Pierce 1955